In a bid to resettle thousands of fire-displaced residents, Hong Kong officials on Saturday laid out plans to reacquire homeownership rights from victims of last November’s devastating blaze. Officials proposed buying back these rights to provide immediate accommodation relief options.
Despite the fire occurring nearly three months ago, many former residents of the Wang Fuk Court apartments are still grappling with their displacement, residing temporarily across various districts. The proposed mechanism allows homeowners to trade their rights for cash or purchase new apartments under a government program.
Deputy Financial Secretary Michael Wong announced the plan’s estimated cost is HKD 6.8 billion, with significant public funding support. The government intends to demolish the damaged structures and potentially create community amenities in their stead. An independent committee continues to investigate the fire’s causes, as 74% of surveyed residents support the buyback plan.
(With inputs from agencies.)